Page 52 - Logistics News - September October 2023

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MiX Telematics and Powerfleet merger

to form global IoT powerhouse

POWERFLEET AND MiX Telematics have entered into a
definitive agreement to form one of the largest mobile
asset Internet of Things (IoT) Software-as-a-Service
(SaaS) providers in the world, with an unparalleled
artificial intelligence-enhanced SaaS solution portfolio
and their 1.7 million combined subscriber base expected
to provide immediate scale. The increased scale
is expected to enable the combined entity to more
efficiently serve its customers and create an advantage
to compete in an industry characterised by the need for
high pace of development and innovation.

This powerful combination will form a scaled,
global entity of choice focused on helping customers
save lives, time and money by solving mission-
critical business challenges, including safety and risk
management, compliance, sustainability and operational
efficiency.

Their combined geographical footprint, deep
vertical expertise and expanded software solution sets,
coupled with extensive direct and indirect sales channel
capabilities, will enable them to maximise significant Steve Towe, CEO of Powerfleet.
cross-sell and upsell opportunities within an impressive
joint customer base.
Stefan Joselowitz, Chief Executive Officer at MiX
“By leveraging our proven SaaS strategy across Telematics, intends to retire at the conclusion of this
the combined business, spearheaded by our Unity transaction. Joselowitz adds: “I am extremely proud
platform and data highway, we firmly believe we will of our heritage and the high quality business MiX is
be extremely well positioned to drive incremental today and I am delighted to have finally found an ideal
market consolidation. Realising transformative scale, partner that shares our values and strategic goals to
this transaction with MiX will provide the go-forward take the company to the next level. We strongly believe
company with 1.7 million subscribers and the ability that Powerfleet’s Unity strategy and our combined scale
to sell additive and accelerated AI and data-powered perfectly position us to revolutionise the mobile asset
software solutions to a truly global set of customers,” IoT SaaS industry and drive transformative growth.
says Steve Towe, Powerfleet’s Chief Executive Officer, As a shareholder, I am very excited about how this
who will continue serving as CEO of the combined combination will accelerate the achievement of our
Powerfleet company. “Combining with MiX, an extremely shared strategic goals.”
well-run and profitable organisation, will establish
the combined entity as a world-class SaaS company, The transaction is expected to close in the first
giving us the speed and capability to achieve improved quarter of 2024. Upon close, the combined business
growth in high quality recurring revenues and expanded will be branded as Powerfleet, with its primary listing on
profitability much sooner.” Nasdaq. •

50 SEP T E MB E R/O CT O B E R 2023 www .l o g ist i csn e w s .c o .z a